Bear Call Spread
The mirror image: you think price won't break resistance to the upside (e.g. the Call Wall). You're paid upfront; if it stays below, you keep the income. The risk is capped, even if price suddenly jumps.
How the Bear Call Spread works
If price stays below the short call strike, both calls expire and you keep the credit. The higher long call caps the loss on a rally.
Placing strikes at GEX levels
Place the short call at the Call Wall (a large resistance level) where price rarely breaks above; the long call sits higher. The ideal regime is positive GEX with price below the Call Wall.
The Call Wall is computed live in the GEX Terminal — build the spread in the Position Builder.
When to open, the Greeks and managing the position
It suits a mildly bearish view or expected consolidation under strong resistance. Like the bull put spread, it favours elevated IV whose decline speeds up profit. Max profit = credit, max loss = (strike gap − credit), breakeven = lower strike + credit.
Greeks: positive theta in the seller's favour. Management: a sharp rally above the lower strike drives it toward max loss — roll up or close.
FAQ
The short call strike plus the credit received.
Yes: the spread width minus the credit.
Build the Bear Call Spread on live BTC and ETH quotes in the Position Builder.
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Information is for educational purposes only and does not constitute investment advice. Options trading carries high risk.